Oil prices rose more than a dollar a barrel on Friday, recording gains for the second week in a row, as supplies fell in some parts of the world and inflation data in the United States showed some
signs of slowing price rises.
Brent crude futures for June delivery rose $1.29, or 1.6%, to $79.89 a barrel at settlement. Brent contracts for May delivery, which expired at settlement, rose 50 cents, or 0.6%, to $79.77 a barrel.
U.S. West Texas Intermediate crude for May delivery rose $1.30, or 1.8%, to $75.67, with gains of about 9% this week.
Despite Friday's gains, Brent and WTI posted monthly declines of 5% and 2%, respectively, their biggest declines since November.
Brent crude settled lower for the third consecutive quarter, the first time it had happened since 2015.
Friday's data showed the US personal consumption expenditure price index rose 0.3% in February on a monthly basis, compared with an increase of 0.6% in January.
Any sign of slowing inflation usually boosts oil prices, which point to smaller interest rate hikes from the Federal Reserve, raising investor demand for riskier assets such as commodities and stocks.
Oil prices rose after crude production at several oil fields in the Kurdistan region of Iraq was halted or reduced following the halt of oil exports through a pipeline in the north of the country.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia are likely to maintain compliance with the current output deal at Monday's meeting, sources said, as oil prices recover from recent lows.